1 OIL-DRI CORPORATION OF AMERICA AND SUBSIDIARIES Exhibit 11 Computation of Earnings Per Share (in thousands of dollars except for per share amounts) ------------------------------------------- (in thousands, except per share amounts) ------------------------------------------- Three Months Ended Six Months Ended January 31 January 31 ------------------ ------------------ 1998 1997 1998 1997 ------------------------------------------- Net (loss) income available to stockholders (numerator) $ (97) $2,264 $1,776 $4,194 ====== ====== ====== ====== Shares Calculation (denominator): Average shares outstanding - basic 6,259 6,656 6,267 6,687 Effect of Dilutive Securities: Potential Common Stock relating to stock options na 2 41 2 ------ ------ ------ ------ Average shares outstanding- assuming dilution 6,259 6,658 6,308 6,689 ====== ====== ====== ====== Earnings per share-basic $(0.02) $ 0.34 $ 0.28 $ 0.63 ====== ====== ====== ====== Earnings per share-assuming dilution $(0.02) $ 0.34 $ 0.28 $ 0.63 ====== ====== ====== ====== Page -15-